Business Growth
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Transcript of Business Growth
Business GrowthThrough Cross-Promotion
What is Cross Promotion?
When two or more businesses promote their products or services together.
Benefits of Cross Promotion
“There is a tremendous opportunity in partnering with non-competing organizations who have the same target market that you do
to achieve a much broader reach and exposure at a proportion of the usual cost”. –
Susan Sweeney
Benefits of Cross Promotion
Less Expensive than promoting alone:
• Share advertising and marketing costs with partners.» Free referrals from other businesses clients.» Less costs associated with time because partners share
the work load.» Sharing resources with partners.
Benefits of Cross Promotion
Exposure:• Reach potential customers in areas where
competition is nonexistent. • Stand out with eye-catching promotions.• Reach more customers, more often.• Reach customers in your target market that may not
be familiar with your business.• Gain credibility with customers through partnerships
with other successful businesses.
Tips for Cross Promotion
• Find a Partner.• What local businesses are not competitors but target
the same kind of customer?• Does this business have a good reputation?• How much traffic goes through that business daily?• Partner with another owner you may know well at first.
• Pick a theme and Plan Well.• Tie your promotion to a theme.• Most successful promotions are those that are well
thought out.
• Working With Your Partner-• Take the initiative. Make your first cross promotion
more beneficial for your partner than for yourself.– Builds a Strong Relationship.
• Talk your partner into using some of their business network for future cross promotions (perhaps a 3-way promotion)
• Show appreciation for your partners involvement. Treat relationship with your partner as a relationship with a new friend.
• Be straightforward with partners about what resources you are willing and able to put forward for the promotion.
Tips for Cross Promotion
The Facts
• After the Cross Promotion-• Was it successful? • Find out what worked, what didn’t.• Ask yourself how you can make the promotion more
successful next time.• Get ready for the next promotion.
Local Cross Promotional Ideas
• Target Market Includes– Middle to Upper Class– Educated– Busy People– Soccer Moms– Health Conscious
Local Cross Promotional Ideas
• Michigan Athletic Club- i.e 10% off a package if you show your MAC card.
– Near Okemos, Michigan. » Median Household Income: $70,580» 30% of Residents Have College Degree
– Health Conscious– Membership: $1,272 per year plus $395 initiation fee.
• The MAC would be a good cross promotional partner because its members encompass everything you look for in your target market.
– Health Conscious Members– Professionals– Upper class citizens that enjoy the good things in life such
as leisure time. Dream Dinners would allow the members more leisure time.
• Eastwood Towne Center – Average Household Income of people who live within a one mile
radius is $65,069
– Possible Partners:
» LA Weight Loss- i.e. Get a free meal at DD with a weight loss counseling session.
» Hampton Jewelers- buy a certain set of jewelry get a free meal at Dream Dinners
» Bath and Body Works- Buy a lotion set, get 10% of Dream Dinners
» Starbucks- Buy a meal package at DD and get a free Starbucks.
• The Eastwood Towne Center customers have money to spend. Why shouldn’t they spend it on Dream Dinners as well. Why spend more time in the kitchen when you can prepare healthy meals in a fraction of the time at Dream Dinners?
Local Cross Promotional Ideas
Questions/Questions/Comments?Comments?
Student Student NightNight
Michigan State University
Cooley Law School
Lansing Community College
Davenport University
Douglas J Institute
The Target The Target MarketMarket
Students who live in apartments
Students who own houses
Students in dorms with kitchens
Students living in Sorority and Fraternity houses
The Student Market in Lansing, MI
Music
Snacks
Television
Things that appeal to Students
Student Student AtmosphereAtmosphere
Student Friendly Student Friendly ProcessProcess
Ways to adjust pricing and scheduling Wave application fee
Offer less meals per visit
Allow walk-in’s
Reaching the Reaching the StudentsStudents
Flyers
Informational Tables
Facebook Ads
Posters
Promoting the Student Night
Radio Ad
Apartment Complex News Letters
Student Organizations
Questions/Questions/Comments?Comments?
“The Dream Dinners Experience”Interior Enhancements
The Office
Reception Room
Furniture PossibilitiesFuton $210Coffee Table $90Desk $0Computer $0Votive Tray $20Chairs (2) $120Paint (2.5 gal) $55Stand-up Lights (2) $60Plants $35Art/decorations $......
Furniture PossibilitiesFuton $210Coffee Table $90Desk $0Computer $0Votive Tray $20Chairs (2) $120Paint (2.5 gal) $55Stand-up Lights (2) $60Plants $35Art/decorations $......
Furniture PossibilitiesFuton $210Coffee Table $90Desk $0Computer $0Votive Tray $20Chairs (2) $120Paint (2.5 gal) $55Stand-up Lights (2) $60Plants $35Art/decorations $......
Furniture PossibilitiesFuton $210Coffee Table $90Desk $0Computer $0Votive Tray $20Chairs (2) $120Paint (2.5 gal) $55Stand-up Lights (2) $60Plants $35Art/decorations $......
Creating Ambiance
Window Treatments-Wooden Blinds
$29.99
Window Treatments-Jute Window Blinds
$14.99
Window Treatments-Bamboo Rollup Blind
$14.97
Refreshment Area
• A place to relax
• Bar Stools
• Appetizers
• Beverages
Creating A Warm Environment
• Adding Warm Paint
• Epoxy paint. Approx: $50/gallon
• 10’x10’x4 = 1 gal.
• Folding screens to cover dishwashing area
• $59.99
Finishing Touches
1. Move Shelf to Backroom
2. Holding Containers
3. Adding Artwork
4. Comment Card
Finishing Touches
1. Move Shelf to Backroom
2. Holding Containers
3. Adding Artwork
4. Comment Card
$24.99
$9.99
Finishing Touches
1. Move Shelf to Backroom
2. Holding Containers
3. Adding Artwork
4. Comment Card
Finishing Touches
1. Move Shelf to Backroom
2. Holding Containers
3. Adding Artwork
4. Comment Card
Questions/Questions/Comments?Comments?
ContactsContactsFor questions concerning-
Cross-Promotion:•Scott [email protected]: (586)651-3922
Student Night:•Stephanie Kalil Kim Plunkett Amy [email protected] [email protected] [email protected]: (989) 430-6491 Mobile: (248) 840-8039
Interior:•Jessica Boik Alex Pineau Elizabeth Ellis [email protected] [email protected] [email protected]: (989) 430-4294 Mobile: (231) 360-2539 Mobile: (248) 765-0816
ResourcesResources
•http://money.cnn.com/best/bpretire/snapshots/30011.html
•http://www.epromos.com/educationCenter/sevenstep.jsp
•http://www.inlandgroup.com/Inlandus/11_6014.html